"Paranormal Activity 4" storms North American box office this weekend, replacing defending champion "Taken 2". The latest chapter in the found-footage horror franchise takes in $29 million in its first three days.

The result, however, falls 43% from its predecessor "Paranormal Activity 3" which broke record for a horror film by opening to $52.6 million last year. Despite the significant drop, Paramount Pictures still plans to develop another installment in the franchise.

Breaking the sequel news along with the film's box office result this weekend is Paramount's president of domestic marketing and distribution Megan Colligan. She tells The Hollywood Reporter that "Paranormal Activity 5" will be released Stateside in October 2013.

Confirming previous rumor of an alleged spinoff for the horror film franchise, Colligan also states that the spinoff is indeed in the works. It will hit cinemas earlier next year and it is targeted to Hispanics. Teased at the end of "PA 4", the spinoff will begin filming in early 2013 and it will be predominately presented in English.

Back to box office report, Ben Affleck's "Argo" and *Adam Sandler's "Hotel Transylvania" place second and third with an estimated $16.4 million and $13 million respectively. Former champion "Taken 2", meanwhile, drops to the fourth place with $13.2 million.

Rounding up the top five is newcomer "Alex Cross" which performs below Summit Entertainment's expectation. Despite receiving a glowing "A" CinemaScore, the Tyler Perry-starring actioner only bags $11.3 million. The novel-adapted pic performs soft outside African-American audience, which make up 74% of the ticketbuyers, though it was actually targeted to the whole fans of James Patterson's bestselling books.

*UPDATE (October 23, 2012 01:14 A.M. GMT): When the final figures came out on Monday, October 22, "Hotel Transylvania" dropped another slot to the fourth. Hence, it swapped place with "Taken 2", which now secured the third position on the chart.